Hyderabad: Health insurer Star Health Insurance on Thursday said it has settled claims worth Rs 3,330 crore in the twin Telugu states of Telangana and Andhra Pradesh (AP) over the past five years and is looking to double its business in these states over the next four years.
In FY25 the health insurance company has already mopped up a premium of Rs 1655 crore so far in the two states as compared to Rs 1406 in FY24, Santh Kumar, executive president, Star Health Insurance said here.
This includes Rs 1069 crore premium collected in Telangana in FY25 as against Rs 931 crore in FY24. In AP, it has garnered Rs 586 crore premium in FY25 so far as compared to Rs 475 crore in FY24.
In the current financial year FY25, the health insurer has already paid claims to the tune of Rs 623 crore so far in the two states, including Rs 438.76 crore in Telangana and Rs 184 crore in AP. In FY24, it had settled claims of Rs 920 crore, including Rs 612 crore in Telangana and Rs 251.6 crore in AP, he said, pointing out that the company has a network of 91 branches and 1352 employees in the two states.
Giving an all-India picture, Sanath Kumar said, since inception the company has paid out 1.1 crore claims amounting to Rs 52,000 crore and processes claims worth Rs 25 crore daily at a rate of four claims per minute. The company has a network of 887 branches across the country and has a market share of 33%.
“The states of AP and Telangana are both critical to our business operations with their diverse populations and advanced healthcare ecosystem providing an ideal platform to deliver comprehensive insurance solutions,” Sanath Kumar said.
He said in line with insurance regulator IRDAI’s mission of `insurance for all’, Star Health Insurance has adopted AP to drive insurance penetration and awareness and has rolled out initiatives such as Home Healthcare Service, a Braille policy for visually impaired individuals, free telemedicine, and a comprehensive vaccination campaign.
